Lender cuts mortgage rates

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The Co-operative Bank has announced it is reducing the rates on several of its mortgage products.

According to the lender, the rate on its three-year application fee-free deal will be lowered by 0.3 per cent to 6.79 per cent, while its five-year deal's rate has fallen by 0.7 per cent to 6.19 per cent.

Both of the products include loan to values of 75 per cent.

John Barker, head of mortgages for the company, said the firm was "committed to providing affordable mortgages".

"Our three year fixed rate product also has no application fees, which helps those people who are looking to keep their costs down," he added.

HSBC recently announced that it is cutting rates on several of its fee-free two, three and five-year fixed rate details by 0.56 per cent.

The bank also announced that loans of the same length with a £799 fee are being lowered by 0.46 per cent.

A ten-year fixed deal and special three-year product has also been affected by the changes.

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